Money transfers are a common and convenient way to send and receive funds. Money transfers are commonly done to transfer funds across state and/or country borders and/or to pay for goods and services. Money transfers are normally initiated by a sender of funds where the sender provides information about a receiver (e.g., the receiver's name, account information, address, etc.) to a money transfer provider, such as Western Union corporation. Currently, however, some money transfer transactions fail due to the sender providing incorrect receiver information. For example, the sender may incorrectly spell the receiver's name and/or provide an incorrect bank account number or address for the receiver. These failures can be frustrating for both the sender and the receiver because a pending transaction may be delayed while the sender and/or money transfer provider corrects the error. The receiver may be additionally frustrated because the receiver may depend on the funds to pay one or more bills.
In some situation, the receiver may be hesitant to provide the sender with certain information necessary to perform a money transfer (e.g., bank account information, name, address, etc.). This may be especially true when the receiver is unfamiliar with the sender. For example, the receiver may be an individual that participates in online sales, such as an online auction. The sender may be a purchaser or winning bidder for one of the receiver's online auctions. In such an instance, the receiver may feel uneasy about providing the sender with account information and/or name and address information because the receiver is unfamiliar with the sender beyond the online transaction. Because money transfers are initiated by the sender, a money transfer may not be possible due to the receiver's hesitancy in providing this information.
In addition, because the receiver, in most instances, is the ultimate beneficiary of the money transfer, the receiver may be more willing to bear the burden of initiating a money transfer and ensuring that all the information provided is correct. However, this burden currently remains with the sender. Embodiments of the present invention solve these and other problems currently associated with money transfers.